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Price Signal Summary - Bear Threat In Gold Still Present

  • On the commodity front, the recent strong reversal in {O4} Gold signals the end of the recovery between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. This highlights a bearish threat and signal scope for weakness towards $1615.0, the Sep 28 low.
  • In the Oil space, WTI futures remain vulnerable and the contract has traded lower this week. This reinforces a short-term bearish theme and opens $82.89, the 61.8% retracement of the Sep 26 - Oct 10 rally.

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